Feeling a little shy about stepping into a Business Strategy planning session for next year after the unforeseen hit us this past year? We totally understand. In fact, you are not alone. All of the best plans made for a successful business year in 2020 evaporated practically before it even started. A lot goes into building out a business strategy. And, any success you’ve had from planning in past years has always folded into the future year when making considerations. Like a Playdough Factory, your best made plans have been squeezed and reshaped in ways you just never could have seen coming.
We have some tips to help you as you start to navigate through the newfound shapes of your business and put together a strategy that leads you to success in 2021.
It’s Thinking Time
Before you even start, do a little prep work. By putting together a wish list of what you think you would like to accomplish in 2021, analyze your current state of strengths and weaknesses, and review your financials. Sometimes, just getting your initial thoughts on paper can help clarify and guide the entire process.
Also, review your current marketing scope. What has worked, what has not? Take an integrative approach: traditional and digital marketing techniques need to coexist and work together seamlessly and are mission critical.
Decide What You’re Growing
You can’t appeal to general terms and definitions when it comes to business growth. It’s impossible to grow all business aspects as a stroke. It would be best if you focused on what exactly you are going to develop. So, where are you, and where do you want to be by the end of 2021 (and beyond)? Set SMART (specific, measurable, achievable, realistic, and timely) goals based on your analysis of current business trends and market opportunities. Start growing there!
Strategies To Consider
- Market penetration – if you plan to sell more current offers to existing customers
- Market development – if you’re going to expand your customer pool and sell current offers to a new market
- Product development – if you plan to introduce new proposals to existing customers
- Diversification – if you want to break into new markets and sell new offers to them
Write Down Core Metrics For Growth Strategy
As this will help you identify if your business can achieve the goals you’ve assigned and what you should to make it happen, as a rule, the metrics directly correlate with your business revenue and customer acquisition.
Visualize Your Growth Plan
The best plan will be combining your strategy type and specific measures you’ll need to take to fulfill your business objectives.
The Wrap Up
A sure-fire way to business growth in 2021 is thorough research: Analyze the overall situation on the market, what happens in your niche, and your business situation in particular. Decide on the type of growth strategy your business needs at the very moment and come up with your goals and core metrics you’ll use to understand what to do to achieve them. Lastly, create a growth plan specifying the detailed measures to take. Execute, iterate, or tailor it if necessary. Consider the unique aspects of your industry and business, and remember to track and analyze your performance on the way to success.
We are here to help you navigate, plan, and create your Business Strategy. Contact Junction Peak today to get started.